Editor-in-Chief, Music
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The U.S. music industry posted record revenue of $8.7 billion on the back of solid streaming and vinyl numbers, the RIAA's mid-year report said, but growth was just 4% — half of the 8% growth expected in 2023 — amid thousands of label layoffs, a flattening of the streaming boom and talk of a "transformative moment" in the months and years ahead.
Notable points include that streaming accounts for approximately 84% of total revenue for the fifth year in a row, with $5.7 billion in paid subscriptions accounting for nearly two-thirds of total revenue mid-year and an average of 99 million subscriptions, compared to 96.5 million in 2023. However, subscription growth was significantly lower than in previous years, at just 2.5 million compared to 2023 (6.5 million), 2022 and 2021 (each around 8 million).
Vinyl grew 17 percent year over year, grossing $740 million by midyear and accounting for three-quarters of total physical revenue; total physical revenue increased 13 percent year over year to $994 million. For the fourth year in a row, vinyl surpassed CDs in units (24 million vs. 17 million); CD revenue was relatively flat at $237 million, the report said.
